Revenue during the quarter surged 35.33 percent to $204.49 million from $151.10 million in the previous year period. Total expenses were 70.43 percent of quarterly revenues, down from 80.58 percent for the same period last year. This has led to an improvement of 1015 basis points in operating margin to 29.57 percent.

Operating income for the quarter was $60.47 million, compared with $29.34 million in the previous year period.

Hilton H. Howell, Jr., Gray’s chairman and chief executive officer, commented, "This year’s political election season presented extra-ordinary challenges from the top of the ticket to the bottom, especially after mid-September. These challenges created a ‘perfect storm’ for our political revenue. Earlier this year, a large number of races were expected to be highly competitive and political fundraising appeared to be highly encouraging through the summer. However, actual spending by candidates, political parties and third-parties fell far short of expectations, especially in Gray’s markets."

For the fourth-quarter, Gray Television forecasts revenue to be in the range of $230 million to $237 million.

The company has spent $469.50 million cash to meet investing activities during the nine month period as against cash outgo of $199.64 million in the last year period.

Cash flow from financing activities was $500.62 million for the nine month period, up 199.20 percent or $333.30 million, when compared with the last year period.